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The Rothermere family, the Daily Mail’s controlling shareholders, upped the cash component of their offer to buy out other shareholders to 270 pence per share, marking a 5.9% increase over their earlier proposal, they stated.
Following the sale of the group’s insurance business, Risk Management Solutions, and a listing of online auto vendor Cazoo, which it partially controlled, the Rothermeres agreed to take Daily Mail and General Trust (DMGT) private last month.
The family announced on Thursday that the higher offer was definitive and would not be increased, and that the acceptance criterion had been decreased to 50%.
Last month, shareholders were offered 255 pence in cash, 568 pence in special dividends, and 0.5749 Cazoo shares for each DMGT share.
Majedie Asset Management, a big investor, indicated at the time that the offer was “considerably below” what it thought was a fair and reasonable price.
In the enhanced offer, the special dividend and a targeted final dividend for 2021 remain intact. Shareholders have until December 16 to accept the proposal.
Story by : Norvisi Mawunyegah